Singer Steel is Ryerson’s Fourth Deal
Chicago-based Ryerson Inc. has acquired Singer Steel Co., a full-service processor based in Streetsboro, Ohio. Terms of the transaction were not announced. The 85-year-old Singer had approximately $50 million in revenue in 2010.
“This acquisition represents another step in Ryerson's ongoing initiative to expand our product and service offering. We believe that Singer's capabilities strongly enhance Ryerson's offering in the Midwest and Northeast, and we are very excited about this expansion of our presence there,” says Mike Arnold, Ryerson's CEO.
Singer is Ryerson's fourth acquisition in the past 14 months. Ryerson acquired Houston-based Texas Steel Processing Inc. in January 2010; the assets of Mobile, Ala.-based Cutting Edge Metal Processing Inc. in May 2010; and Houston-based SFI-Gray Steel Inc. in August 2010.
“We are thrilled about the acquisition of Singer Steel,” says Michael Burbach, president of Ryerson's Midwest Region. “Singer has a strong reputation for customer service and they bring tremendous processing capabilities along with an excellent group of committed employees that will help with our strategic intention to invest in and grow the business.”